Hi all. We just set up a new cake shop last month and the response has been PHENOMENAL! We are now at a point that we want to start accepting credit cards. We get multiple offers in the mail (get a free laptop if you sign with us, free gas card if you sign with us)... i don't care about the gimmicks, i am just looking for a cost efficient, loop hole free, no hidden charges program to sign up with.

Would you all be willing to share who you work with? I have been told that a bank can charge as much as $500 to set you up. We just don't have that capital. I am looking for something that offers a free machine to use and just charges a small fee.

Thanks in advance for any advice you can give us on this one.

Kitty (and Shari)

I suggest Paypal virtual terminal. I think they now even have a swipe machine that hooks up to your computer and the info downloads into the Virtual terminal form, no typing necessary. Their monthly fee is $30, no minimums, and the rate ranges due to your volume between 1.25% to 3% (which is just like the other card companies). There is no swipe fee like the other companies, and no other hidden charges. I will tell you however that if your credit rating is below the "good" standing they hold 5% of each transaction for 90 days then release the funds back to you to use. I still don't understand their thinking in this as to me it just makes it harder for those with less than perfect credit to operate, but it still is a less expensive deal than the other options. I have tried them all believe me! (my bank, Merchant Services, Leaders, Quickbooks, Sams club, and a few other cc processing companies)

Further with Paypal you can get a business debit card, and the minute you process your transaction the money is available on your debit card for you to use or you can transfer the funds into your bank account all at no additional charge. The bank transfers however take from 24 to 72 hours just like the Credit card processing companies.

You could also try propay.com They have a virtual terminal with a34.95 annual fee, no monthly. The fee per transaction is 3.5%...pplus the .30 each transaction. plus they have a swipe machine (does not work with vista though.

I checked with my bank and they want a $100 app fee, $300 setup fee, $25 a month in those .30 charges, AND a 36 mons contract...Uh, no thanks. The bank was wachovia by the way.

Make sure your contract states you can cancel at any time and make sure you know the cancellation fee.

Plus, mak esure you understand qualified transaction vs un qualified because the transaction percentages are vastly different between the two.

I finally decide do propray because it has less charges...but i can't get the terminal because i have vista.

Julai

I use paypal as well and haven't had any issues and it's easy.

sari

If you use Quickbooks (who wouldn't?), you can get set up with them for like $59.00 to start and you can take the visa/mc/Discover sales right through the computer screen, internet approval on the spot. You can sign up online right through QB. I love it.

I pay minimum $39/mo to have it, plus 2.5% of each transaction and a tiny per-transaction fee; the fees come out automatically when you receive the payment, so no worrying about setting $ aside for a fee bill.

Hope that helps.